TaxCorporate TaxSmall businesses left baffled by Budget

Small businesses left baffled by Budget

A clear majority of small businesses remain baffled and unclear about what the implications of the Budget are for their companies, a new survey claims.

Budget speech at a glance

Research by asset-based financier Venture Finance revealed that a staggering 77% of SMEs are left bewildered by the chancellor’s annual statement on the country’s finances. Small businesses put the blame at the feet of the government, claiming ministers are blatantly ineffective at communicating what the Budget means in real business terms.

And this could mean small companies fail to cash in on schemes that are designed to help their businesses ð or protect themselves from potentially harmful initiatives.

This year’s Budget has seen a raft of complex measures that will directly affect small businesses.

Steve Websdale, director at Venture Finance, said small firms have to be made more aware by those responsible for drafting the laws of the frontline implications for their businesses.

?Small businesses are failing to take advantage of the many initiatives available to them due to lack of awareness or confusion over eligibility.

?Regardless of what this year?s Budget contained for SMEs, clear communication from the government will enable businesses to plan ahead, take advantage of any tax breaks and in turn aid their future survival and growth,? he said.

The survey, carried out by Rapid Research, before this week’s Budget, and sought the views of 25,000 ?senior decision makers of growing organisations?, employing between 21 and 500 members of staff.

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